Tuesday, April 16, 2013

8 Ways Your Hurricane Sandy Flood Insurance Settlement Likely Fell Short

Over the past two months, I have been hearing of more of our neighbors' Hurricane Sandy flood insurance claims being settled at WAY less than what it cost them to repair and rebuild.

I reviewed my Estimated Proof of Loss, which details what the insurance adjustor calculated as the flood settlement should be. The payments for cleaning and painting, as well as replacements, were broken out, room by room. I found several areas where my flood insurance claim settlement fell short.

Here is what I discovered and what you should look for:
  1. Insulation: The stuff between the walls, which sells for about $45 for 13 linear feet of coverage (2x4 squares). Check your drywall measurements, it should be the same square footage. My POL completely omitted insulation.
  2. Electrical: If you got a couple of feet of water, chances are your electricals were ruined. While a lamp plugged into the wall would not be covered by flood insurance, your wires and outlets will be covered. My POL completely omitted electricals.
  3. Other electrical components: Sprinklers switches and valves, alarms, intercoms, elevator mechanicals should all be covered.  My POL completely omitted electrical components destroyed by the flood water.
  4. Drywall: All exterior walls should be double drywall. Did your claim include double what the adjuster measured? My adjustor not only failed to realize what is building code, but also got the width wrong. I had photos to prove otherwise. My POL was off by 75%.
  5. Heater, furnace, and other non removable fixtures, including toilets and sinks are and should be covered. My POL omitted some.
  6. Carpet: Carpet allowances vary from $1.50-4 per sq feet (their calculations are in sq yards). There is a step up overage for installing carpet on stairs. My POL underestimated carpet cost.
  7. Allowances: Did you check the allowances on a per unit or per square foot basis for paint, drywall, disinfecting, air mover, flooring, carpet etc? Mine magically decreased year over year.
  8. Contractor overage: Finally, the cost of labor. I have no idea what the adjustors' idea of fair labor costs in our area is. Ours were 1000% higher than what they gave us.
 
You can appeal your claim. Or complain to FEMA. The second really helps expedite things.
 
Did you find this article helpful? Please share with your neighbors who were affected by Sandy. Clicking on ads also helps with Google rankings so my article can reach more people.
 
Good luck!

Thursday, March 21, 2013

Hudson County Property Tax Appeal Deadline Approaches

With local property prices on a sharp uptick, this may be the last year in the next few of getting a reduction in your property tax bill.

The deadline for property tax appeal in Hudson County, NJ is April 1. However, it is important to note this is a deadline for receiving the appeal, which means if it is not in the mail by the weekend, chances are you are going to miss the property tax appeal deadline.

And where should the appeal be sent to? According to the rules, appeals must be mailed in triplicate... three copies one each sent to the Hudson County Board of Taxation in Jersey City, your city's Assessor, and the City Clerk. Make sure the form is the original from City Hall, or an authorized one from the county board's website.

How do you actually go about the property appeal? You can read the details in my +Yahoo! Finance article, First Person: How I Reduced My Property Tax Bill by 25%

If you are looking for MLS listings from many months ago, I find Streeteasy is the best source of getting those old sales details.

Good luck!


Image: http://www.sxc.hu/browse.phtml?f=download&id=1139531

Saturday, March 9, 2013

The Cost and Benefit of Fighting a Ticket in Court

Last month, I beat an improper parking ticket. What gave me the confidence to appear and win in municipal court, without attorney representation?

Two bags of my neighbor's garbage!

Ignoring a municipal court summons or notice can damage a person's credit and raise auto insurance rates. How I saved money and learned lessons by spending a morning in municipal court a few years ago.

First Person: The Cost and Benefit of Fighting a Citation from Municipal Court

Image: sxc.hu

Saturday, January 26, 2013

Do You Need an Income Tax Refund Anticipation Loan or Check? NOPE!

You have seen those ads on TV. Get access to your refund check in days! No W-2 needed to get your income tax refund. Pay nothing out of pocket for getting your taxes done. We will even give your old returns a second look.

Even though refund anticipation loans are now banned, a financial product called Refund anticipation check (RAC) is set to dupe millions of hard working, low income taxpayers in 2013. Why no one, especially a low income taxpayer, needs a refund anticipation check.

Read more at Yahoo Finance: First Person: Who Needs an Income Tax Refund Anticipation Loan or Check? Absolutely Nobody

Image: sxc.hu

Wednesday, January 2, 2013

How Much Does Private Preschool Really Cost?

When I was researching preschool options for my child, I visited an open house for local preschools. When asked how much the cost of attending the private preschool would be, I got responses ranging from $6,000 to $22,000. So, how much does a preschool really cost? The answer lies in the details.

Read more @YahooFinance: First Person: How Much Does Private Preschool Really Cost?